Understanding Bankrate’s rate averages

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily and the other weekly. They’re both useful, but they’re samples of different groups and they serve different purposes. In both sets of rate averages, Bankrate will compile averages on banking deposits, mortgages and loans.

Overnight averages: You will see daily averages labeled “Bankrate.com Site Average” or “Daily National Rates.” These calculations are run after the close of the business day. Included are annual percentage rates (APRs) and/or annual percentage yields (APYs) we have collected on the previous day for a specific product. Bankrate.com site averages tend to be volatile. They help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

Bankrate Monitor (BRM) averages: The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate collects rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers APRs and/or APYs on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the same way, it gives an accurate national apples-to-apples comparison.

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Mortgage averages

To determine the BRM mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.

The customer profile used for rates on conforming products includes:

  • 700 FICO.
  • 80 percent LTV.
  • $320K loan amount.
  • Existing single-family detached home (not a new construction).
  • Primary residence.

For rates on non-comforming products, the customer profile includes:

  • 740 FICO.
  • 80 percent LTV.
  • $1.2M loan amount.
  • Existing single-family detached home (not a new construction).
  • Primary residence.

For Bankrate’s overnight averages, APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes:

  • 740 FICO.
  • 80 percent LTV.
  • Existing single-family detached home (not a new construction).
  • Primary residence.

Banking and deposit averages

For Bankrate’s BRM averages on deposit products, APYs are gathered from the 10 largest banks and thrifts in 10 large U.S. markets assuming the consumer is a new customer to the bank and is opening a stand-alone account.

For CD and money market account averages, we look at the rate and APY for the lowest minimum deposit required to open the account and earn interest.

Bankrate’s overnight averages for money market accounts and CDs are the average of all paid and editorial offerings appearing on Bankrate.com rate tables.

Credit card averages

Bankrate’s credit card index is based on a weekly survey of the 50 largest card issuers, ranked by total receivables, an industry standard measure.

Home equity averages

For the BRM home equity averages, APRs and rates are from the 10 largest banks and thrifts in 10 large U.S. markets and are based on no existing relationship or automatic payments. The customer profile also includes:

  • 700 FICO.
  • $30K loan/line amount.
  • 80 percent CLTV.
  • Existing single-family detached home.
  • Primary residence.

Personal loan averages

For the BRM unsecured personal loan averages, APRs and rates are from the 10 largest banks and thrifts in 10 large U.S. markets and are based on no existing relationship or automatic payments. The customer profile also includes:

  • 700 FICO.
  • $5K loan amount.
  • 3-year repayment plan

Auto loan averages

For BRM auto loan averages, APRs and rates are from the 10 largest banks and thrifts in 10 large U.S. markets and are based on no existing relationship or automatic payments. Here are the customer profiles by loan type.

New car loan:

  • Not previously titled.
  • 700 FICO.
  • $33K loan amount.
  • 10 percent down payment.

Used car loan:

  • 3-year-old vehicle.
  • 700 FICO.
  • $20K loan amount.
  • 20 percent down payment.